Business
Regis Reports Third Quarter 2020 Results Materially Impacted by the COVID-19 Pandemic and Significant Progress in Salon Re-Openings and in Its Transition to a Franchise Model
Third Quarter Operating Loss Of $64.3 Million Includes A One-Time, Non-Cash Goodwill Impairment Charge Of $44.5 Million Related To Company-Owned Salons,
About this update from Regis Corporation
[{"type":"text","content":"\nThird Quarter Operating Loss Of $64.3 Million Includes A One-Time, Non-Cash Goodwill Impairment Charge Of $44.5 Million Related To Company-Owned Salons, Non-Cash Goodwill Derecognition Charges Of $19.8 Million Associated With The Sale Of Company-Owned Salons To Franchisees In The Third Quarter, And $7.1 Million Of Other Non-Recurring Discrete Items\n\n\nExcluding Discrete Items And The Income From Discontinued Operations, The Company Reported Third Quarter 2020 Adjusted Net Loss Of $4.5 Million\n\n\nThe Company Continues To Make Significant Progress In Its Transition To A Fully-Franchised Model With The Sale And Conversion Of An Additional 375 Company-Owned Salons To Its Asset-Light Franchise Portfolio During The Quarter; Year-To-Date, The Company Has Sold And Converted 1,363 Company-Owned Salons To Its Franchise Portfolio\n\n\nAs Of June 15, 2020, Approximately 68% Of The Company's Salon Portfolio Have Re-opened From Hibernation Caused By The COVID-19 Pandemic\n\n\nAt The End Of The Quarter, Approximately 74% Of The Company's Salon Portfolio Had Been Franchised\n\n MINNEAPOLIS--(BUSINESS WIRE)--\nRegis Corporation (NYSE:RGS):\n\n\n\n\n \n\n\n\n \n\n\n\nThree Months Ended March 31,\n\n\n\n \n\n\n\nNine Months Ended March 31,\n\n\n\n\n\n(Dollars in thousands)\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n2019\n\n\n\n\n\nConsolidated Revenue\n\n\n\n \n\n\n\n$\n\n\n\n153,783\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n258,343\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n609,586\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n820,849\n\n\n\n \n\n\n\n\n\nSystem-wide Revenue (1)\n\n\n\n \n\n\n\n$\n\n\n\n371,122\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n444,284\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n1,249,152\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n1,360,543\n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nSystem-wide Same-Store Sales Comps (2)\n\n\n\n \n\n\n\n(5.4\n\n\n\n)%\n\n\n\n \n\n\n\n(2.0\n\n\n\n)%\n\n\n\n \n\n\n\n(2.7\n\n\n\n)%\n\n\n\n \n\n\n\n(0.1\n\n\n\n)%\n\n\n\n\n\nFranchise Same-Store Sales Comps (2)\n\n\n\n \n\n\n\n(4.1\n\n\n\n)%\n\n\n\n \n\n\n\n(1.3\n\n\n\n)%\n\n\n\n \n\n\n\n(1.8\n\n\n\n)%\n\n\n\n \n\n\n\n0.4\n\n\n\n%\n\n\n\n\n\nCompany-owned Same-Store Sales Comps\n\n\n\n \n\n\n\n(7.9\n\n\n\n)%\n\n\n\n \n\n\n\n(2.5\n\n\n\n)%\n\n\n\n \n\n\n\n(3.9\n\n\n\n)%\n\n\n\n \n\n\n\n(0.4\n\n\n\n...